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Morning Briefing for pub, restaurant and food wervice operators

Thu 26th Jan 2017 - The Restaurant Group puts 23 sites on market
The Restaurant Group puts 23 sites on market: The Restaurant Group has instructed agent Savills to sell 23 of its former restaurants in England, Scotland and Wales. The units are available on an individual basis and comprise a mix of former Frankie & Benny’s, Chiquito, Joe’s Kitchen, Coast to Coast, Garfunkel’s and Filling Station restaurants in high profile locations, including major retail and leisure parks, shopping centres and roadsides. The restaurants, which are not currently trading, are being sold with existing planning and licensing consents. They are Filling Station, Aberdeen; Chiquito, Barking; Frankie & Benny’s, Barrow in Furness; Frankie & Benny’s, Bath; Chiquito, Blackburn; Chiquito, Cardiff (Old Brewery Quarter); Chiquito, Cardiff (Red Dragon Centre); Chiquito, Chelmsford; Frankie & Benny’s, Coventry; Joe’s Kitchen, Derby; Frankie & Benny’s, Gateshead; Chiquito, Glasgow; Chiquito, Hamilton; Frankie & Benny’s, London Finchley Road; Frankie & Benny’s, London Greenwich; Garfunkel’s, London Strand; Chiquito, Milton Keynes; Coast to Coast, Newcastle upon Tyne; Joe’s Kitchen, Nottingham; Frankie & Benny’s, Redhill; Frankie & Benny’s, Stafford; Coast to Coast, Wembley; and Frankie & Benny’s, York. David Bell, head of UK leisure at Savills, said: “We are pleased to be marketing this high profile portfolio on behalf of The Restaurant Group. Due to the mix of locations and diverse nature of the restaurants involved, we are anticipating strong interest from a wide variety of existing retail and leisure operators as well as new entrants.” Savills has also been retained to acquire new sites for The Restaurant Group across the Midlands, East Anglia, the south of England and Wales. Yesterday, (Wednesday, 25 January) The Restaurant Group has reported fourth quarter like-for-likes down 5.9%, driven by “underperformance by its leisure brands”. Total turnover increased by 3.7% versus the prior year, to £710.7m, with 53 week like-for-like sales down 3.9% to 1 January 2027.

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